1. Heard Mr. Rao, learned advocate for the applicant - Bank of Baroda, Ms. Yajnik, learned advocate for the OL, Mr. Bhagat learned advocate for I.D.B.I. and Mr. Singhi, learned advocate for I.F.C.I and Standard Chartered Bank.
2. Mr. Rao, learned advocate for the applicant has submitted that with a view to tentatively resolving the issue pertaining to the disbursement of the amount, the applicant bank has already suggested a formula according to which disbursement may be carried out amongst four secured creditors. Mr.Bhagat learned advocate for the I.D.B.I. has submitted that his client is agreeable and ready to accept the formula suggested by the applicant bank for the present so far as the issue pertaining to the disbursement of the amount lying with the OL is concerned.
3. Mr. Singhi, learned advocate for the I.F.C.I. and Standard Chartered Bank has however, raised objection and submitted that his clients want to file affidavit in response to the affidavit filed by applicant bank and to deal with the contention raised by the applicant bank in its present affidavit. For the said purpose he requested for time. He has further submitted that so far as the formula suggested by the applicant bank is concerned he will take instruction from his clients and will make necessary submission on that count simultaneously while submitting affidavit of his clients.
4. Having regard to the aforesaid submissions time to file affidavit to I.F.C.I. and Standard Chartered Bank is granted until 4.2.2012. The said respondents shall ensure that the copies of the affidavit are duly served to Mr. Rao, learned advocate for the applicant and Mr. Bhagat, learned advocate for I.D.B.I.
5. For the present, the hearing of the present application is adjourned to 7.2.2012.
(K.M.THAKER,J.) Suresh* Top